Sixth Street, a leading international investment company with over 60 billion dollars of assets under management, in partnership with Eidos Partners, an independent financial consultancy firm, has finalized the acquisition of Le Palme Hotel & Resort in Porto Cervo, Sardinia on the Costa Smeralda.
The Le Palme transaction represents the first acquisition of Sixth Street in the hotel and resort sector in Italy and follows the acquisition of five hotels in Spain in December 2021. Eidos Partners will act as operational asset manager while Sixth Street and Eidos will completely redevelop the 17,000sqm property in an ultra-luxury five-star resort scheduled to open in 2024.
Sixth Street and Eidos are engaged in the selection of a renowned hotel chain and a property manager with the aim of creating a new partnership for the joint venture management of the luxury hotel in Porto Cervo.
The Le Palme property is located in Liscia di Vacca in Porto Cervo, the main center of the Costa Smeralda, an important luxury Italian destination. The Le Palme property currently consists of 92 hotel rooms and includes a private beach, lake, garden, restaurant and swimming pool.
The new investment adds to the Italian Sixth Street portfolio which includes the logistics, office, residential, student housing, telecommunication infrastructure and now the hospitality asset sectors. The company has a long-term vision and is committed to further growing its Italian investment portfolio across multiple sectors with a focus on real estate.